Australian Agricultural Company saw business grow despite extreme weather

Company News

by Rachael Jones

Australian Agricultural Company (ASX:AAC) has continued to make progress implementing its premium branded beef strategy despite facing extreme operating conditions, which impacted the business by $107 million this financial year.

Revenue is down 4.1 per cent to $364.1m versus $379.7 million on the prior corresponding period.

Ten days of torrential rain in Queensland earlier this year had a disastorous affect on cattle with the non-wagyu herd experiencing significant losses.

The impact of Gulf flood event and drought related conditions totalled $107 million during FY19.

Meanbwhile there was a 3 per cent increase in Wagyu herd numbers, despite impact of extreme weather.

Shares in Australian Agricultural Company (ASX:AAC) closed 0.5 per cent lower at $1.11 yesterday.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.